The end of the working week is clearly felt on the chart of Bitcoin. Today is, by far, the most passive of the last 5 days of buyers’ dominance in the market. After yesterday’s local low USD 7796, today the price has moved in a narrow 3 percent corridor. If you look at this corridor in more detail, you may notice that local buyers are still in control of the situation. They do not allow sellers to fix below USD 8000, forming pins on the relatively large volumes:
It is also clear that the first local problem for buyers, in the case of fixing above the current consolidation range, is the price mark USD 8330. However, globally, the initiative is clearly on the sellers’ side. It is a much more important factor than the small sunshine on the hourly timeframe.
During the 5 days of the fall, Bitcoin buyers failed to close a day higher than it opened.
The falling trend started with a chart of marginal positions of buyers who could not fix themselves above the purple zone. Now, they are approaching the blue trend line, which bravely withstood all the hits from April 2019:
Bitcoin sellers today are not as aggressively closing their positions as in the previous days, but another thing is surprising:
Why don’t sellers increase their positions during such a steady fall? At the moment, for us, it means a disappointment of the lingering falling trend and trading in tactical trades.
According to the wave analysis, the correction of the wave of growth in December 2018 confidently broke the level of Fibonacci 0.5 and goes to the next level, namely to the price level of USD 7300:
If sellers manage to close the weekly candle approximately as it looks now, then a continuation of the fall to USD 7300 next week is very likely.
Even more interesting is the fact, that assuming that the wave of growth which began from December 2018 is a correction of the fall wave which began in December 2017, then at a price mark of USD 7175 buyers will have the last chance to hold on and change the global trend of the fall:
As we can see, in the range of USD 7175-7300 there is a serious battle. The result of which we can find out as early as October. Therefore, we keep an eye on the price of Bitcoin every day but do not forget about the global targets. Harmony and rest to your weekend!